IRDM

IRDM

IRDM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	Riverwater Sustainable Value Strategy	-0.6%	7.9%	ATKR, IRDM, MOD, NYCB, QCOM	-			View
2024 Q1	Apr 15, 2024	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, FDS, H, IRDM, TSLA	-			View
2024 Q1	Apr 15, 2024	Meridian Growth Fund	6.8%	0.0%	ACVA, IRDM, QDEL, RBRI, SHC, TRMB	-			View
2025 Q4	Feb 8, 2026	Baron Partners Fund	19.1%	24.9%	ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA	AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology	The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier.	RRR IDXX SCHW FDS IT GWRE SPOT CSGP H	View
2022 Q4	Dec 31, 2022	Baron Focused Growth Fund	11.7%	13.2%	ACGL, CSGP, DNUT, FDS, FIGS, GWRE, H, IRDM, MTN, PENN, SPOT, TSLA	-			View
2025 Q3	Oct 16, 2025	Riverwater Partners Small Cap Strategy	-	-	BDC, CROX, DGII, HAE, IRDM, MOD, PFS, PLMR, PLPC, UEC, VSTS, WOR	Artificial Intelligence, Energy Transition, industrials, small caps, uranium	Riverwaters small-cap strategy lagged the benchmark as speculative, low-quality stocks rallied, but the fund maintains focus on quality small caps exposed to secular AI and industrial reshoring themes. AI infrastructure names like Modine and Veeco benefit from surging data center demand, while uranium and industrial firms gain from energy transition trends. The managers remain optimistic on valuation convergence between large and small caps.	PLPC BDC DGII PFS WOR MOD UEC	View
2023 Q3	Sep 30, 2023	Baron Growth Fund	11.1%	7.4%	ARCH, CSGP, DNUT, FDS, IRDM, MSCI, MTN	-			View
2023 Q3	Sep 30, 2023	Baron Partners Fund	13.9%	4.5%	ARCH, CSGP, FDS, GWRE, IRDM, MSCI, TSLA	-			View
2022 Q3	Sep 30, 2022	Baron Focused Growth Fund	11.7%	13.2%	DNUT, FDS, FIGS, GWRE, H, IRDM, SHOP, TSLA	-			View
2022 Q3	Sep 30, 2022	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, DEI, FIGS, GWRE, H, IRDM, SCHW, TSLA	-			View
2023 Q1	Mar 31, 2023	Baron Focused Growth Fund	11.7%	13.2%	ANSS, ARE, CSGP, DEI, FIGS, H, IBKR, IRDM, MANU, MGM, MSCI, TSLA	-			View
2023 Q1	Mar 31, 2023	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, DEI, H, IDXX, ILMN, IRDM, MSCI, SCHW, TSLA	-			View
2022 Q1	Mar 31, 2022	Baron Focused Growth Fund	11.7%	13.2%	ACGL, CSGP, GWRE, H, IRDM, MTN, SPOT, TSLA, VLD, WRBY	-			View
2022 Q1	Mar 31, 2022	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, IDXX, IRDM, MTN, SCHW, SHOP, SPOT, TSLA	-			View
2023 Q4	Feb 20, 2024	Baron Growth Fund	11.1%	7.4%	ACGL, CHH, IRDM, KNSL, MTN, NEOG	-			View
2023 Q4	Jan 27, 2024	Baron Focused Growth Fund	11.7%	13.2%	ACGL, GWRE, H, IDXX, IRDM, RRR, VAC	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Aug 13, 2025	Seeking Alpha	The Insiders Forum	Iridium Communications Inc.	Communication Services	Telecom Services	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of IRDM

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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